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Need to compute the net income or loss Ivanhoe Company had the following assets and liabilities on the dates indicated. December 31 Total Assets Total
Need to compute the net income or loss
Ivanhoe Company had the following assets and liabilities on the dates indicated. December 31 Total Assets Total Liabilities 2019 2020 2021 $485,000 $545,000 $675,000 $220,000 $270,000 $370,000 Ivanhoe began business on January 1, 2019, with an investment of $94,000. From an analysis of the change in owner's equity during the year, compute the net income (or loss) for: (a) 2019, assuming Ivanhoe's drawings were $ 22,000 for the year. Net income net income for 2019 for 2015 - (b) 2020, assuming Ivanhoe made an additional investment of $44,000 and had no drawings in 2020. Net loss Net loss for 2020 for 2020 (c) 2021, assuming Ivanhoe made an additional investment of $24,000 and had drawings of $21,000 in 2021. Net income ) for 2021 Net income ne for 2021 LStep by Step Solution
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